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Liz Weston

Thursday’s need-to-know money news

October 3, 2019 By Liz Weston

Today’s top story: Writing a will? How to stop stalling and get it done. Also in the news: Hidden financing traps in car shopping, how to protect yourself in the Words with Friends data breach, and the big wedding expense nearly half of married couples regret.

Writing a Will? How to Stop Stalling and Get It Done
Make things easier for your loved ones.

Car Shopping? Don’t Fall for These Hidden Financing Traps
Avoiding the extended warranty trap.

How to Protect Yourself in the ‘Words with Friends’ Data Breach
200 million users are affected.

Nearly half of married couples regret this big wedding expense
This one might surprise you.

Filed Under: Liz's Blog Tagged With: car shopping, data breach, Estate Planning, extended warranties, hidden financing, wedding expense regrets, wills, Words with Friends

Wednesday’s need-to-know money news

October 2, 2019 By Liz Weston

Today’s top story: Is Premium Economy airfare worth the money? Also in the news: 6 common retirement mistakes and the simple solution to all of them, credit cards that go beyond rewards to cover travel costs, and how to protect your finances if you’re worried about a recession.

Is Premium Economy Airfare Worth the Money?
Make sure you’re getting your money’s worth.

6 common, costly retirement mistakes—and the one simple solution to all of them
Information is your biggest ally.

The Credit Cards That Go Beyond Rewards to Cover Travel Costs
Covering the small expenses.

Worried about a recession? Here are 4 ways to protect your finances
Turn your anxiety into action.

Filed Under: Liz's Blog Tagged With: premium economy airfare, recession, retirement mistakes, tips, travel, travel expenses, travel reward credit cards

Tuesday’s need-to-know money news

October 1, 2019 By Liz Weston

Today’s top story: Be first in line for college aid by filing the FAFSA now. Also in the news: What to expect when requesting a credit line increase, four ways to supplement your college financial aid, and preparing your finances for the holidays.

Be First in Line for College Aid by Filing the FAFSA Now
Get it done today.

Requesting a Credit Limit Increase? Here’s What to Expect
You could see a “hard pull” on your credit report.

4 ways to supplement your college financial aid
Covering the costs beyond tuition.

It’s Time to Prepare Your Finances for the Holidays
Stores are already decorating for Christmas.

Filed Under: Liz's Blog Tagged With: credit line increase, credit report, Credit Score, FAFSA, financial aid, holiday spending

How to quit stalling and write your will

October 1, 2019 By Liz Weston

You know you should have a will, but you keep stalling. No one likes to think about dying or about someone else raising their children. But if you get no further than scribbling notes or thinking about which lawyer to hire, you risk dying “intestate” — without a will that could guide your loved ones, head off family feuds and potentially save your family thousands of dollars.

Financial planners say getting people to stop procrastinating on this important money chore can be tough. In my latest for the Associated Press, several advisors offer their best strategies for getting this done.

Filed Under: Liz's Blog Tagged With: Estate Planning, wills

Monday’s need-to-know money news

September 30, 2019 By Liz Weston

Today’s top story: How to rack up points and miles with everyday spending. Also in the news: What to buy and skip in October, how to catch up on your savings, and why consumer instant gratification can prove risky.

How to Rack Up Points and Miles With Everyday Spending
Piling up miles wherever you go.

October is the Month to Buy Jeans, Grills and More

Behind on Your Savings? You’re Not Alone
There’s time to catch up.

Consumer instant gratification can prove risky
Staying within your means.

Filed Under: Liz's Blog Tagged With: airline miles, credit card rewards, instant gratification, October shopping, rewards, Savings, tips

Q&A: Should you pay off student loans or save for retirement? Both, and here’s why

September 30, 2019 By Liz Weston

Dear Liz: What are your recommendations for a recent dental school graduate, now practicing in California, who has about $250,000 of dental school loans to pay off but who also knows the importance of starting to save for retirement?

Answer: If you’re the graduate, congratulations. Your debt load is obviously significant, but so is your earning potential. The Bureau of Labor Statistics reports that the median pay for dentists nationwide is more than $150,000 a year. The range in California is typically $154,712 to $202,602, according to Salary.com.

Ideally, you wouldn’t have borrowed more in total than you expected to earn your first year on the job. That would have made it possible to pay off the debt within 10 years without stinting on other goals. A more realistic plan now is to repay your loans over 20 years or so. That will lower your monthly payment to a more manageable level, although it will increase the total interest you pay. If you can’t afford to make the payments right now on a 20-year plan, investigate income-based repayment plans, such as Pay As You Earn (PAYE) or Revised Pay As You Earn (REPAYE), for your federal student loans.

Like other graduates, you’d be wise to start saving for retirement now rather than waiting until your debt is gone. The longer you wait to start, the harder it is to catch up, and you’ll have missed all the tax breaks, company matches and tax-deferred compounding you could have earned.

Also be sure to buy long-term disability insurance, even though it may be expensive. Losing your livelihood would be catastrophic, since you would still owe the education debt, which typically can’t be erased in bankruptcy.

Filed Under: Q&A, Retirement, Student Loans Tagged With: q&a, Retirement, retirement savings, Student Loans

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